Kingfisher plea: Mallya comes back empty handed from court

December 12, 2013 15:40

Karnataka High Court has rejected a petition by Vijay Mallya-led Kingfisher Airlines Limited challenging the move by a consortium of banks to take possession of its "Kingfisher House" property in Mumbai to realise part of the debts due to them from the airlines.

Kingfisher Airlines Limited (KAL) had sought the high court's intervention to prevent the banks from taking possession of the property, which houses the airline's prominent offices, but Justice Anand Byrareddy rejected the contention.

In his order yesterday, Justice Byrareddy said sections 34 and 35 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, bars the Company Court from excercising its power when the banks invoke provisions under it to take possession of the pledged assets.

SBICAP Trustee Company Limited had filed an application before the Chief Metropolitan Magistrate (Esplanade, Mumbai) on behalf of the consortium to take possession of the property to realise part of the debts due to the banks, which was challenged by KAL.

« Back to LIVE

TOP STORIES

Jolt to MVA as Cong leader quits campaigning over no Muslim LS candidate

In a letter to Kharge, Khan said he will not campaign for party candidates for the remaining phases of the Lok Sabha polls and is also resigning from the state Congress campaign committee.

NIA chargesheets 14th accused in 2022 Coimbatore car bomb case

Naseer and his associates had conspired to wage war against the government of India and also to kill Indians in order to destabilise the country and create communal disharmony, it said.

India's Biggest Bow Arch String Girder

Glimpses of India's biggest Bowstring/Bow Arch Sting Girder installed by the Hindustan Construction Company on the Bandra-Worli Sea Link at 3.25 am, Friday, April 26, 2024.

IPL PIX: Punjab Kings beat KKR in record chase

IMAGES from the Indian Premier League match played between Kolkata Knight Riders and Punjab Kings in Kolkata on Friday.

'Stats are going out of the window'

'Very pleasing. Most importantly the win, cricket has turned to baseball isn't it? We're delighted with the two points.'